In a not-terribly-surprising turn of events, it was announced today that James Murdoch would be stepping down from his duties at News International, while retaining his duties with Newscorp, overseeing International Pay-TV operations and maintaining his Chair position at BSkyB.

This news follows word that Rupert Murdoch returned to the UK to run operations that included the launch of the Sunday edition of The Sun.

Amid speculation that James has now been banished from the Murdoch empire and that Rupert, upset over James insistence to shut News Of The World, got back in the drivers seat and assumed control thus making James no longer heir apparent to the Empire.

Of course, no one is out of the woods yet. There is still the looming investigation of phone hacking and bribery extending over to these shores, which has yet to become an actual case. Meanwhile, there are still some 6,000 (yes, six THOUSAND) outstanding phone hacking cases pending, which should keep everyone busy for the foreseeable future.

Here are two reports - the first from BBC Radio 4's PM Program and the second via The Six O'Clock News.

As they say, stay tuned.